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Tag Archives: banks

Lebanese judges want de-politicisation of their profession

The Lebanese Judges Association warned Wednesday against judicial politicization, urging the politicians to stop interfering in the Judiciary and to “let the judicial path go on without abuse.” They said in a statement that “Lebanese politicians tend to destroy anything they deal with.” “They disrupted the economy, looted the banking …

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Progress with IMF talks, say Lebanese

Lebanon’s new government aims to make progress towards starting full negotiations for an IMF deal by the end of this year or early next, but is not expecting funds to be dispersed before elections in March, a minister said on Friday. In an interview with Reuters, economy minister Amin Salam …

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Lebanese abroad send aid to homeland

Lebanese expats in the wealthy UAE, many of them riven with guilt, are scrambling to ship essential goods and medicine to family and friends in their crisis-stricken home country. “How can I sit in the comfort of my home in air-conditioning and a full fridge knowing that my people, my …

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Macron to host new Lebanon conference in August

French President Emmanuel Macron will host a new international conference on Lebanon next month on the first anniversary of the Beirut port explosion, after premier-designate Saad Hariri gave up trying to form a government, the foreign ministry announced Friday. Macron will organize the conference on August 4 with the help …

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Nasrallah wants Iranian oil to solve fuel crisis

In a speech seen as an act of defiance against the Lebanese state and the US, Hezbollah leader Hassan Nasrallah on Wednesday insisted that Lebanon should be “negotiating with Iran to buy gasoline and diesel with the Lebanese currency if Lebanon’s shortages persist.” Seemingly unconcerned about the possibility that this …

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$200 million loan to fight power shortages in Lebanon

Michel Aoun

Lebanon’s President Michel Aoun approved an exceptional loan of up to 300 billion Lebanese pounds ($200 million) on Monday for the state electricity company to import fuel for generation before supplies run out, an official statement said. Lebanon is mired in a financial crisis, caused by a mountain of debt built …

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Lebanese now allowed to withdraw $800, a month

Lebanon’s central bank yesterday said depositors with accounts active as of October 2019 would be able to withdraw up to $400 a month plus the equivalent amount in local currency, marking a significant concession after a chaotic two days in Lebanese banking. Lebanese banks had locked depositors out of their …

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Pope Francis making to Lebanon soon

During a private audience in the Vatican with Lebanon’s Prime Minister-designate Saad Hariri, Pope Francis on Thursday confirmed that he wants to visit the country as soon as possible. Vatican spokesman Matteo Bruni told a press briefing attended by Arab News that the pope “reiterated his closeness to the Lebanese …

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Saad Al-Hariri reiterates call for French roadmap

Lebanon’s leading Sunni Muslim politician, former Prime Minister Saad al-Hariri, called for the restoration of a French plan to lift the nation out of its worst financial crisis since its 1975-1990 civil war. Former colonial power France, which has led foreign aid efforts, has tried to rally Lebanese leaders to …

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Sectarian tensions mount in Lebanon amidst financial crisis

Lebanon’s top Christian cleric stepped up criticism of the Iran-backed Shi’ite group Hezbollah and its allies without naming them on Sunday, saying Lebanese rejected being isolated from their allies and driven into decline. Lebanon is suffering a financial meltdown which marks the biggest threat to its stability since the 1975-90 …

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Flour mills to be privatised in Saudi

Saudi Arabia said on Wednesday it had completed the first batch of its flour milling sector privatisation, according to a statement by the state grain buyer and privatisation centre. The long-awaited flour mills sale was one of the first privatisations the kingdom planned as part of a wide-reaching overhaul of …

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UAE Central Bank’s deposit certificates on the rise

The balance of the UAE Central Bank’s deposit certificates rose to record levels during the first half of 2019, reaching around AED155.8 billion at the end of June, according to statistics issued by the bank highlighting its policy of withdrawing surplus liquidity. The value of surplus liquidity withdrawn in June …

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Sharjah finance cooperating with Japanese counterparts

A delegation from Sharjah Finance Department, SFD, has visited Tokyo, Japan, and met with key Japanese finance officials to discuss various possibilities that can help bolster relationships between the two sides. The meetings were held at the Japan Bank for International Cooperation, JBIC, and was attended by Sharjah’s delegation headed …

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Robo-advisors recieve go-ahead in Abu Dhabi

The Financial Services Regulatory Authority, FSRA, of Abu Dhabi Global Market, ADGM, today issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in ADGM. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment …

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DLD signs MoU with Al-Masraf bank

The Dubai Land Department, DLD, represented by its regulatory arm, the Real Estate Regulatory Agency, RERA, signed a memorandum of understanding, MoU, with the Arab Bank for Investment and Foreign Trade, Al Masraf, to manage and service the Owners Association, OA, accounts. The MoU was signed by Marwan bin Ghalita, …

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UAE working with Asian Infrastructure Investment Bank

A UAE delegation attended the fourth annual meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB). Abu Dhabi Fund for Development (ADFD), the leading national entity for international development aid, is mandated to represent the UAE at the Bank’s meetings and events and on its board. …

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Digital banking pushed by Abu Dhabi Global Market

The Financial Services Regulatory Authority, FSRA, of the Abu Dhabi Global Market, ADGM, has announced local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi as digitalisation has led to a rapid transformation of the banking industry. This initiative comes in response to …

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ADX meets Morgan Stanely delegation

The Abu Dhabi Securities Exchange, ADX, recently met with an executive delegation from Morgan Stanley to discuss how to develop business relations between both entities. Khalifa Salem Al Mansouri, Acting Chief Executive of the ADX, said, “This was a valuable introduction for the ADX. Developing business relations with such a …

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Etihad Credit Insurance empowering firms in UAE

Etihad Credit Insurance, ECI, has signed a Memorandum of Understanding, MoU, with the Corporate Banking division of Emirates NBD to empower the UAE-based firms in strengthening their presence regionally and internationally by providing them access to ECI’s trade credit insurance solutions and Emirates NBD Corporate Banking’s customised products. This cooperation …

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OFID and Ameriabank sign $25 million loan agreement

The OPEC Fund for International Development, OFID, and Ameriabank have signed a US$25 million loan agreement aimed at supporting trade flows to and from Armenia. Cooperation between OFID and Ameriabank dates back to 2015. The first facility supported Small- and Medium-sized Enterprises, SMEs, in Armenia across a diverse range of …

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Ma’an Social Incubator extends deadline

The Authority of Social Contribution, Ma’an, has extended the deadline for its Ma’an Social Incubator, MSI, Programme till 13th July, 2019, due to the growing interest in the MSI from the public and social entrepreneurs in the UAE, the region and the rest of the world. The programme has already …

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Qatar imposes new set of restrictions on UAE banking

Qatar has placed further restrictions on First Abu Dhabi Bank, the United Arab Emirates’ largest lender, as it continues a probe into alleged currency manipulation begun after the UAE and other Arab states launched a boycott against Qatar in mid-2017. The Regulatory Authority of Qatar Financial Center (QFC) said on …

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